HDFC to acquire 10% stake in Kerala-based asset management firm

Mortgage lender HDFC Ltd on Monday said it will acquire 9.90 per cent stake in Kerala-based infrastructure fund management company KIFML.

“…the Corporation has today invested in 3,88,303 equity shares of Rs 10 each of Kerala Infrastructure Fund Management Limited representing 9.90 per cent of its share capital issued on a private placement basis,” HDFC said in a regulatory filing.

The cost of acquisition is at par, that is at the face value of Rs 10 per share, it said, adding the acquisition is expected to be completed in one month.

KIFML was promoted by the Kerala Infrastructure Investment Fund Board (KIIFB) to manage Kerala Infrastructure Fund. The company, incorporated in November 2018, acts as an asset management company.

The networth of KIFML was Rs 1.88 crore as on March 31, 2020.

HDFC Ltd stock closed at Rs 2,446.00 apiece on BSE, down 3.36 per cent from previous close.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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